UBS On-Air: Paul Donovan Daily Audio 'Trade and economic nationalism'

US December trade figures are due. Trade will be an increasing focus in 2024 as elections encourage economic nationalism. Structural changes are also adjusting trade patterns as the lengthy supply chains of the third industrial revolution appear unnecessarily complex given the technologies of the fourth industrial revolution. Geographic details of trade patterns are of interest, therefore. While the focus will be on imports (the US role as consumer of last resort is why it is the world’s most important economy), the US does still export and shifts there should not be overlooked.